What term describes an award based on the reasonable value of work performed?

The term that describes an award based on the reasonable value of work performed is "Quantum Meruit." This legal principle is utilized to ensure compensation for services rendered when there is no specific contract outlining the payment for those services. Quantum Meruit literally means "as much as he has deserved," and it allows a party to recover a payment that is proportionate to the value of the work or services provided, reflecting fairness in compensation.

In scenarios where a contract is absent or unclear, or where services have been provided under the assumption of payment, Quantum Meruit serves as a remedy to ensure that individuals are not unjustly enriched at the expense of another. This principle emphasizes the importance of fair resolving disputes over compensation in the absence of a formal agreement detailing payment terms.

Understanding Quantum Meruit is crucial in various contexts, especially within real estate transactions or services, as it can establish the basis for fair compensation when an agreement does not exist or has been breached.